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Joint Mortgage Change?

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  • 05-10-2008 8:31pm
    #1
    PistolPete78
    Registered Users Posts: 70 ✭✭


    Hi Guys,
    myself and my girlfriend took out a joint mortgage in Aug 2006, cutting a long(messy) story short , she broke up with me and now wants out from the house. i am willing to take over the repayments and have the house in my name.. I have looked into the legal side so im just wondering about the Banking side of things.... Would it be a complicated process getting
    her name taken off,? the Money has been
    coming out of my account and she paying half into mine.
    What would happen with the intrest relief and also the life insurance??
    Any advice would be greatly Appreciated...
    :confused:


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    #2
    Toots
    Administrators, Business & Finance Moderators, Society & Culture Moderators Posts: 16,920 Admin ✭✭✭✭✭Toots


    Sorry to hear that OP.

    As regards the mortgage, the bank will probably assess your ability to pay it back on your own and if they feel that you're able to, then it shouldn't be too much hassle.I know one of the main obstacles people run into in these situations is that their sole income does not leave them enough disposable income once all their obligations are met, so sometimes the bank won't approve a sole mortgage. If this is the case with you, you might consider renting out one of your rooms to boost your income? Best bet is ring your mortgage provider on monday and see what advice they give. TBH, they'll probably have been through this a good few times before.

    AFAIK, once everything is transferred into your name, she'll need to notify the revenue that she is no longer on the mortgage and to stop applying interest relief to the account. The amount you will receive on your own would be approx half of what you receive as a couple. Maybe check the Revenuewebsite, they might have a bit more information.

    If you've got a joint life policy, then they may just take her name off and adjust your premium accordingly, otherwise you'll have to cancel your joint policy and take out one in your own name.

    Hope this is of some help.


  • Options
    #3
    DundalkDuffman
    Registered Users Posts: 734 ✭✭✭DundalkDuffman


    How did you get on OP? Any issues with your lending institute at all?


  • Options
    #4
    Toots
    Administrators, Business & Finance Moderators, Society & Culture Moderators Posts: 16,920 Admin ✭✭✭✭✭Toots


    *Thread bumping/ Resurrecting Old Threads
    Don't drag up an old thread to post something (and by old, we mean anything that hasn't had a post in a month or so), and don't bump your own threads just to get attention. The only exception to this is if an OP comes back to post an update on a situation. Anything else will be locked.
    .


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